How people shop, research, and buy products is changing faster now than ever before. In order for retailers to survive and scale during these tumultuous times they need to revisit their overall strategy and see if it is aligning with the consumer preferences of the twenty-first century.
These are four things retailers can do to stay on top of things.
1. Act Fast and Act Early
The number one rule is not to let the brand get stale. The longer one waits to take action, the more costly it’s going to be to acquire leads and draw customers away from the competition. Instead, retailers should take the time now to make necessary decisions for the future and avoid the “slow no” at all costs. The key is to be proactive, not responsive.
2. Differentiate Your Brand
In the past retailers were able to differentiate themselves based on logistics such as the city or country they were located in. Now with almost every business
holding virtual real estate online, retailers have to think more about what makes them valuable and how they can fit into the lives of their customers.
Cost, convenience, and necessity are all factors customers will be taking into consideration before buying a product. Decision makers and stakeholders should ask themselves questions such as:
- What makes my product unique, and why do my customers need it?
- What are my shipping costs?
- Do I deliver products straight to my customer’s door, and if not, can I?
3. Focus on Creating “Customers for Life”
Stores could initially lose money trying to capture customers through the use of promotions, discounts, and other resources, but if they put the focus on acquiring customers for life rather than snagging that one single transaction, it is a profitable investment that will pay off in the long run.
4. Deliver the Best Omnichannel Experience
How customers engage with the store must resonate with the overall brand. This means paying close attention to website and app design, reading and reacting to what people have to say about the brand on social media, and providing/evolving the right in-store and online experience.
For example, International Property Group CBRE and Ipsos Mori surveyed more than 13,000 European consumers in 2016, and the results suggested that customers want greater integration between channels and increased use of technology in physical stores.
Learn More about Customer Preferences with Alert Tech
Alert Tech is a globally recognized fitting room solution leader that helps retailers meet the demands of the twenty-first century consumer. Our revolutionary platform gives retailers the insight they need to uncover exactly what happens from the time a customer enters a physical or virtual store to when he or she leaves so that they can deliver the ultimate brand experience.
To learn more, check out our unique solutions here.